Financial Services & Insurance Research News

Recent research into the best practices in marketing retail banking products 2015 market analysis, size, forecast illuminated by new report

This global report discusses key marketing strategies, adopted by banks in both developed and emerging economies, which are designed to strengthen their brand values and target diverse customer groups through effective segmentation and product positioning. In addition, the report discusses key marketing trends in the retail banking industry and the use of marketing analytics by retail banks to understand customers' buying behavior. Moreover, the report highlights key challenges faced by banks when formulating effective marketing campaigns.

Executive summary

The global banking industry is changing the way it markets products and services, with banks in both developed and emerging economies adopting customer segmentation strategies to distinguish their products from those of their competitors. These strategies have increased banks’ client bases, and the number of potential customers.

To capitalize on this, banks have expanded their product portfolios, adopted pricing strategies, and expanded into new regions. Banks are also focusing on the technological aspects of offering their products; using analytics to understand consumers’ purchasing behaviors and preferences in order to provide personalized products and an improved customer experience.

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Promotional campaigns through traditional channels such as television, radio, print media and telemarketing have been among key initiatives taken by banks to increase brand awareness. The proliferation of video and mobile technology has also enabled banks to market their products and services online, through mobile channels and social media.

As internet access and smartphone adoption increase, so does consumer demand for convenient banking services through these channels. Banks are therefore developing processes and employing new channels to respond to web-based consumers, create brand awareness, promote new products and services, identify customer needs, and elicit feedback.

Banks in both developed and emerging economies are increasingly using analytical tools to analyse consumer-purchasing behaviors whist identifying and phasing out ineffective pricing structures, or reward programs.
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Scope

A competitive assessment of the customer segmentation, product, and pricing strategies adopted by banks in different markets.
An analysis of the key operational and technological trends arising in the global retail banking industry due to rising competition and changing consumer behavior.
Insight into marketing strategies adopted by banks in countries such as: the US, Canada, the UK, Germany, Australia, South Korea, Brazil, Russia, India and China.
An outline of the various factors affecting consumer choice of retail banking products in developed and emerging economies.
An investigation of the key drivers, issues and challenges faced by retail banks while implementing product, pricing and marketing strategies in these economies.
Detail on the various channels that banks use to launch marketing campaigns, promote products and services, and communicate with their customers.

Key highlights

What are retail banks adopting globally to remain competitive and gain market share?

What are the key factors retail banks are addressing in order to enhance their brand value and raise awareness of their products?

What has been the difference in focus between retail banks in developed economies and those in emerging economies?

Which process, applied by retail banks in both developed and emerging economies, is becoming essential in understanding customer needs?

What is becoming fundamental to best marketing practice in retail banking? What are the main drivers of this growing strategy?

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